Isocost

Isocost

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The isocost line is combined with the isoquant map to determine the optimal production point at any given level of output. Specifically, the point of tangency between any isoquant and an isocost line gives the lowest-cost combination of inputs that can produce the level of output associated with that isoquant. Equivalently, it gives the maximum level of output that can be produced for a given total cost of inputs. A line joining tangency points of isoquants and isocosts (with input prices held constant) is called the expansion path.show more

Product details

  • Paperback | 68 pages
  • 152 x 229 x 4mm | 113g
  • Ord Publishing
  • United States
  • English
  • black & white illustrations
  • 6136214067
  • 9786136214061